Thousands of Resources. Ready to help.
Tuesday, January 24, 2023
LANSING, Mich. – The Michigan Economic Development Corporation announced today a community revitalization project that will bring new housing, commercial space and increased vibrancy in downtown DeWitt has received support from the Michigan Strategic Fund. The development is the first community revitalization project in DeWitt to receive MSF support.
“This project reflects our continued focus on supporting innovative placemaking efforts in communities throughout the state that lays the foundation for long-term economic wins and greater opportunity for Michiganders,” said Quentin L. Messer, Jr., CEO of MEDC and President and Chair of the MSF Board. “We are grateful to the Governor and bipartisan legislators for their continued support of the Michigan Community Revitalization Program. By working with our local partners to revitalize underutilized properties into vibrant developments, Team Michigan is maintaining a strong sense of place while supporting unique places where current Michiganders and those we will attract can live, work, visit, play and build a future.”
AJW Holdings, LLC plans to redevelop a property in the heart of downtown DeWitt that will include eight new market-rate residential units and commercial space that will primarily be owner-occupied by a longstanding, community-based insurance company, Reed Insurance Agency.
The project is expected to generate a total capital investment of nearly $4.9 million, supported by a $2.27 million Michigan Community Revitalization Program performance-based loan participation. The project will add density, walkability, high-quality housing and improved commercial space in downtown DeWitt. In addition, Reed Insurance has 14 employees and will add one new full-time position and two part-time positions in the new location, bringing additional workers to the downtown. By activating long-vacant and underutilized property into a community asset, the project will also increase the taxable value of the property and add vibrancy to the overall downtown district.
“The city of DeWitt is very excited for this development to come to fruition. The Lofts @ 110 will come to life on the most visible parcel in the heart of downtown DeWitt and is a critical piece of development to further our mission of creating a vibrant downtown district,” said City Administrator Daniel Coss. “The highlight of this project is retaining a long-standing family-owned business that could have chosen many other locations outside of downtown DeWitt to expand. The city of DeWitt greatly appreciates Mr. Joslyn’s commitment to keeping his business in our downtown.”
The city of DeWitt and Clinton County have approved a commercial tax abatement in support of the project. In addition, the city donated the property to the developer for $1. The city of DeWitt is engaged with MEDC’s Redevelopment Ready Communities program.
“I’m very excited to see this project get started after 2 ½ years of hard work and planning. The development is going to allow Reed Insurance room to continue to grow and expand in the downtown community that we have long loved being a part of,” said Reed Insurance Agency owner Andy Joslyn. “It will also allow room for at least two more businesses to come into downtown DeWitt, between the new space and Reed Insurance’s existing space.”
In fiscal year 2022, MEDC supported more than 120 place-based projects and nearly 400 place-based businesses through community development programs. These projects and support are projected to create 1,600 jobs and leverage more than $625 million in private investment.
In other actions today, the Michigan Strategic also approved:
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.
Recent Press Releases